Loot is a first-level breakthrough in the formation of society and capital. It can be an “upgraded” version of DAO.
Extended reading: “Understanding Loot: The Hot New Species of NFT”
Original Title: “Partner of Multicoin Capital: Loot has nothing to do with Metaverse, it may be a better DAO”
Written by: Kyle Samani, Managing Partner of Multicoin Capital
Kyle Samani recently revealed that Multicoin has purchased Loot worth tens of millions of dollars. In this article, he talks about his views on Loot.
Some thoughts about Loot.
I don’t think Loot has anything to do with anything in the meta-universe.
Why?
Because the meta-universe needs to synchronize the three-dimensional space, of course, Loot is likely to have a place in the meta-universe, but we are still far away from that.
Well, if Loot has nothing to do with the meta universe, then what is it?
I have several different mental models, and there may be other good ones: it will be a game, a new type of social coordination and capital formation mechanism (a DAO).
What kind of game will Loot be? I really don’t know. Maybe you can see opportunities in treasure hunt games, or interact with Decentraland, Axie, or Star Atlas, or you can build something like Fable on it, or it may be something else entirely.
But I actually think that Loot’s more interesting mental model is a breakthrough in the formation of society and capital. Whenever a new technology appears, people tend to try to apply the old model to the new technology, so you will end up with a strong or weak version of the new thing.
You can take a look at the excellent article on strong and weak technologies written by Chris Dixon. Obviously, the competition in crypto is enterprise blockchain and permissionless network.
Okay, let’s talk about the social coordination mechanism (aka DAO).
There are several categories of DAOs today:
- Investment club DAO (Pleasur, LAO, Flamingo);
- Social club DAO (Bankless, FWB, FF);
- ProductDAO (Party);
All of these are mapped to existing social and capital formation mechanisms, and adding crypto does make them more interesting, but according to Chris’s framework, these DAOs are a bit “weak”.
What makes me excited about Loot is that it is only a first-level breakthrough in the formation of society and capital. It can be a “strong” version of DAO.
The next few months of Loot will be incredible, it may be coordination failure (it already has some problems, such as mLoot), or the Looters will build something truly spectacular.
Either way, I want to be a part of it and I am happy to chat with anyone who is building.
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